Safe to use Business Bank account?

[puddleboots]

I had a few personal accounts with NatWest with a few grand overdraft on each which I couldnt pay back. These accounts were eventually closed by the bank and are now in the hands of debt collection agency.

 

I also have a business account with them which has no debt attached to it.

 

A while back I stopped using my business account in case they took money out of that account to repay the overdraft and just used a basic personal account from a different bank for my business banking which really isnt ideal but helped me get through at the time.

 

Im now wondering as I dont have good enough credit to open up a business account elsewhere if I can still use my NW business account without them taking money directly from it since the personal accounts are now closed and the debt passed to another company?

 

What do you think?

[BankFodder]

I think you're nuts.

 

Sorry, but I don't know how else to say it.

[ericsbrother]

limited company? If not then the bank can offset accounts.

[puddleboots]

Ah ok, I wasnt sure of who now legally owns the debt, the bank or the debt collection company. If im making payments to the collection company then I thought they now owned the debt? But I'm guessing from your reply thats not the case!

 

In which case, anyone know of a bank that gives basic business banking for those with bad credit.....not including those internet banks who charge an arm and a leg!

 

Thanks

[puddleboots]

Its not a limited company but a partnership.

[BankFodder]

I think that you will have to tout around until you find somebody who is prepared to deal with you.

 

It might be easier to open up a basic personal account and then use that for business. Does that work?

 

Officially, all of the banks are bound to offer a basic account to anybody who needs one – but I can't imagine the banks really following the rules properly

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?458558-Nine-UK-banks-launch-fee-free-accounts

 

Have a read of the link above - there have been 9 banks that have signed up to the free basic bank account system - you could try any of those.

 

I doubt that you would manage to get a business account with them though.

[fkofilee]

I would definitely shop around for a new Current Account....

 

Nationwide and Coop offer the best bank accounts in their Basic nature IMHO. Stay away from RBS and Natwest (As you have debts with NW)